UBS downgraded Billabong to Sell from Buy, cutting its price target to a A$1.30 a share from A$2.65 a share.

The broker believes a more appropriate way for the boardsports retailer to raise funds would have been to divest its remaining 48.5% stake in accessories brand Nixon which could have fetched A$237 million based on a 10% discount to the deal made in February.

Credit Suisse cut the stock to Underperform from Neutral, drastically reducing their price objective to 41 cents a share from A$2.50 a share, describing it as a high risk investment unsuitable for mainstream investors.

RBS Morgans analysts have retained a Buy recommendation on Billabong but slashed their price target to A$1.85 a share from A$2.45 a share.

The broker said attention would shift to whether new Chief Executive Launa Inman can construct and execute a value-creating strategy.

“The resignation of two directors including chairman Ted Kunkel paves the away for a fresh top-down approach,” the analysts mused.

Bloomberg News

The Billabong International logo is displayed outside a store at Surfers Paradise, Australia

RBS Morgans says post-raising, Billabong will be trading on a forward price-to-earnings ratio of 10.5 times, implying a discount of 6.2 times against global peers including Nike, Quicksilver, Ralph Lauren, V.F. Corp, Lululemon and Adidas.

But Morgan Stanley, J.P.Morgan, Bank of America Merrill Lynch and Commonwealth Bank of Australia have retained Underweight ratings on the retailer.

Morgan Stanley analyst Thomas Kierath sliced his price target to 80 cents a share from A$2.50 a share, more than 20% below the current rights issue price of A$1.02 a share on the belief that the equity raising won’t fix all its problems.

“The balance sheet isn’t pristine and it still has too many retail stores,” he said, noting that after its store closure program, Billabong will still have more than 500 stores.

CBA Equities analyst Andrew McLennan reckons the next six months will be crucial.

“In our view, the capital raising gives the company time to reposition the business, however, we fear that the structural change required may take more time than the company has if they cannot make a material improvement in profitability in the short term,” he said.

J.P.Morgan analyst Shaun Cousins says the emergency capital raising supports the view that Billabong’s sale of a stake in Nixon earlier this year was not attractive for reasons including a lower price than comparable transactions and the fact Nixon provided Billabong with growth options outside of the challenged action-sports industry.

“Arguably, Billabong could have announced a capital raising earlier to strengthen its balance sheet and not need to undertake in the transaction to partially divest Nixon,” he said.

CBA halved its price target to A$1.25 a share while J.P.Morgan slashed theirs to A$1.20 from A$1.89. Bank of America Merrill Lynch cut theirs to 85 cents a share from A$1.50 a share.

It’s notable Macquarie-–financial advisor to TPG on their up to A$3.30 a share offer for Billabong in February–-is under research restriction. A spokeswoman for TPG declined to comment.

Comments (5 of 6)

Note that Ireland has slipped from 7th place since it submitted to EU suzerainty three years ago. As the Irish trade unions have said all along, Troika medicine is brutish austerity and nothing else. Not only is reform a sham, but the lost skills and hysteresis effects of mass unemployment have cut Ireland's future growth rate for 20 years to come. The brightest are leaving. Net emigration is 33,000 a year, a quarter to the UK, 17pc to Australia.

1:23 am December 11, 2012

540icons.mlkshark.com wrote :

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A freeware calendar that sits directly on your desktop. It's different from most calendar programs as it doesn't clutter up your taskbar or system tray.
Desktop Calendar - A simple calendar that sits on your desktop
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Desktop Calendar 0.5 FAQ
Can I make the calendar bigger?
To make the calendar as large as possible, select the "Extra Large Cells" box style option (see "Changing the Box Style" below").
Changing the Box Style
Go into the settings and click on the "Style $ Position" tab. Make sure "Use Pack Style" is not selected, then choose which box style you want by clicking the radio button next to it. When you're done, click on "OK" for the changes to take effect.
Alternatively you can quickly change between the box styles using hotkeys. Make sure the calendar is selected (this can be done just by clicking on it somewhere), then press the F9 key. This will cycle through each box style in turn, Square -> Mini -> Large -> Thin.
Positioning the Calendar
There are two ways to position the calendar, either in the settings by selecting a quadrant of the screen, or manually by dragging the calendar where you want it. There are a couple of advantages of setting the position over manually dragging it. Firstly if you drag the calendar to the far right or bottom of your screen, then change down to a smaller resolution then the program will detect it's no longer visible and reset the positioning. When you set the position though, the calendar will always maintain it's position. e.g. if the resolution is changed or the start bar is moved. Also if you position the calendar at the bottom of the screen and you go into compact mode then the title bar will jump down out the way. If you to do the same thing with manual positioning, the title bar will just hover in the middle of the screen.
To set the position of the calendar, go into the settings and click on the "Style $ Position" tab (see screenshot above). Make sure that "Use Pack Position when available" is not checked and the "Set Position" radio button is selected. Now you can use the vertical and horizontal slide bars to place the calendar where you want it. When you're done, click "OK" for the changes to be applied.
To manually position the calendar, you first need to check that the current position hasn't been locked. Right click on the Title Bar and make sure there isn't a check by "Lock Position", if there is, you can remove it by clicking on it. Now you can hold down your left mouse button while over the Title Bar and drag the calendar around the screen. When your happy with the positioning, release the mouse button.
Selecting a Background Picture
Go into the settings and click on the "Appearance" tab. In the General frame check the "Background" option. If no file is selected then an open file dialog window will automatically appear. If this doesn't happen (i.e. because there's already a picture file selected from a previous time), then click the picture of the folder to the right. You can only select images in the following formats...Jpg, Bmp and Gif. So if you have an image you want to use but it's in another format, then only thing you can do is covert it into a compatible format using a third party imaging program (e.g. Paint Shop Pro or Photoshop). At the moment the image also can't be Stretched or Tiled, so make sure the picture you choose is big enough and cropped how you want it. Once you've selected a file, click on "OK" to apply it and close the Settings Window.
Removing Border Around Cells
This option can be used to turn the 3D border around the day cells on or off...
Go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture").
To change the option either add or remove a tick from the "3D border around cells" option. Then click on "OK".
Turn Italics On \ Off
This option can be used to turn the use of Italics throughout the calendar on or off...
Go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture").
To change the option either add or remove a tick from the "Use Italics" option. Then click on "OK".
Turn Date Suffix On \ Off
This option can be used to turn the use of a date suffix on or off...
Go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture").
To change the option either add or remove a tick from the "Use suffix" option. Then click on "OK".
Enabling Week Numbers
This option can be used to turn week numbers down the side of the calendar on or off...
Go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture").
To change the option either add or remove a tick from the "Display Week Numbers" option. Then click on "OK".
System Tray (including hiding the calendar)
Turning on the System Tray icon allows you access to the Add Event window and many other of the programs functions quickly. You can either have a fixed icon, or one that displays the current day of the month.
To turn on this option, go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture"). Check "System Tray Icon", and then choose which icon you want to use by clicking on the radio button next to it. When you're done, click on "OK" to apply the change and close the settings window.
There's also a special option that is only accessible through the system tray. When "Hide Calendar" is selected from the right click menu, the calendar will be completely removed from your desktop. You'll still be alerted of events and you can still add events via the system tray icon. But the calendar won't be on the desktop taking up precious space.
Can the Calendar be made Translucent?
No.
What's Compact Mode?
Compact mode is when all of the calendar is hidden except for the Title Bar. This can be useful for getting the calendar out the way when your not using it and allows you to see more of your wallpaper.
You can put the calendar into compact mode by double clicking on the title bar. Then when you want it back, simple double click again and the calendar should be restored.
Alternatively you can select "Switch into Compact Mode when not in use" in the settings windows on the "Settings" tab. This means if your mouse hasn't moved over the calendar in set time, it automatically puts its self into compact mode. When your mouse next moves over the compacted Title Bar, the calendar will pop open again ready for use.
Can I Change the Fonts used?
No.
How do I Change the Date Format or Show the Time?
Go into the settings and click on the "Appearance" tab (see screenshot from "Selecting a Background Picture").
You can select the date format you want with the drop down box on the right. You will see a preview of what the title bar will look like in the box above.
To show the time in the title bar as well then tick box next to "Time" and select the format you want from the left drop down box. Again you can see what it'll look like in the preview above.
Transparent Icon Backs
This tries to make the back of your desktop icons transparent when running Windows 98, 2000 or NT (Windows XP does it anyway). If you're still unsure what this means take a look at the example picture below. Note: This may not work on some machines and can sometimes conflict with the "Use System Colours" option.
To turn the feature on, go into the settings and click on the "Settings" tab. Now place a tick in the "Make Icon Backs Transparent" option. You'll be asked to confirm the action, click "Yes". Then close the settings window by clicking on "OK". You may need you restart your computer for the changes to take effect.
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6:31 am December 10, 2012

dmonzon.com wrote :

By WebOsPublisher

Disable the search button in Android - Stack Overflow
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Disable the search button in Android
up vote
2
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I have a dialog in an Android app that I don't want the user to be able to cancel. Using .setCancelable(false) disables the back button, but pressing the search button still cancels the dialog. I saw this question which told me that I should include
public boolean onSearchRequested()
return false;

But I'm still able to cancel the dialog with the search button. Here's my code:
public class TestActivity extends Activity
/** Called when the activity is first created. */
@Override
public void onCreate(Bundle savedInstanceState)
super.onCreate(savedInstanceState);
setContentView(R.layout.main);
showDialog(0);

;
try this above thing in your dialog hope that will work for you.
share|improve this answer
answered
Mar 23 at 6:06
Herry
1,7741425
feedback
up vote
1
down vote
I disable search button by overriding progress dialog. I create unnamed class and override method onSearchRequest() . And this is working for me.
I use this:
progressDialog = new ProgressDialog(Activity.this)
@Override
public boolean onSearchRequested()
return true;

If this doesn't work for your Activity class then you'll probably need to create a subclass of Dialog and implement the onKeyDown method for your dialog class.
share|improve this answer
edited
Mar 23 at 0:21
answered
Mar 23 at 0:09
slayton
8,64821038
Thanks, but this isn't working for me. I replaced the onSearchRequested function in my code with this code, except that I removed the break; statement because Eclipse gave me an unreachable code error. My dialog can still be dismissed by pressing the search button. – BenH Mar 23 at 0:17
Hmm.. ok then you probably need to create a subclass of Dialog and override its onKeyDown method – slayton Mar 23 at 0:21
feedback
up vote
0
down vote
public boolean onKeyDown(int keyCode, KeyEvent event)
if(event.ACTION_DOWN==KeyEvent.KEYCODE_SEARCH)
return false;
else
return super.onKeyDown(keyCode, event);

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